Theories and Practice of Entrepreneurship, Enterprise and Innovation

Entrepreneurship,
enterprise and
innovation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK...............................................................................................................................................3
Appraise the theories and practice of entrepreneurship, enterprise and innovation....................3
Investigate opportunities for entrepreneurial activity in the local, national and global
economies for start-up and existing organisations......................................................................4
Characteristics and competencies of entrepreneur......................................................................6
Evaluate internal and external factors affecting the development and creation of an
entrepreneurial culture................................................................................................................7
Analyse and discuss the process of a business start-up from conception to execution...............8
Evaluate the factors impacting on the growth and sustainability on an idea, innovation or
creative solution..........................................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Entrepreneur is define as an individual person who initiated to create new business, bear
various risks and also gain various opportunities as well as rewards. The entrepreneur involve in
the setting a business by evaluating various factors effectively and the respective process of
setting business is known as the entrepreneurship. The entrepreneur is most innovative person
who develop various new ideas, goods, business procedure and services as well. In this report
the personal shopper new business idea is included that provide the home delivery of groceries
product to the customers in the pandemic of covid- 19. It emerges with the biggest supermarket
like Tesco, Sainsbury, Morosons and Aldi and deliver their product to customers as well as help
the organisation to enhance their customer base by using Uber delivery. In this report various
theories of entrepreneurship, enterprise and innovation in being covered. Opportunities of
entrepreneurial activities at local, national and global level and various characteristics and
competencies of entrepreneur is evaluated in this report. Internal as well as external factors and
business start-up process is discussed in this project report.
TASK
Appraise the theories and practice of entrepreneurship, enterprise and innovation
Entrepreneurship: Entrepreneurship is determined as the process of starting up
business. It is basically abilities, readiness to create, organise the enterprise and run it in effective
manner with having various uncertainties to gain the profit. Entrepreneurship is related to
starting new business. As entrepreneurship is an important factor that help organisation to
develop various economic factors. There are various theories of entrepreneurship are available
that facilitates the entrepreneur to develop business in systematic manner.
Enterprise: Enterprise is define as the business that is established by the entrepreneur for
profit purpose. In an enterprise all activities are bring together and work towards achieving
common goals and objectives (Mazzarol, and Reboud, 2020). There is proper procedure is
followed by the entrepreneur in order to start a enterprise.
Innovation: Innovation is derived from Latin word innovare that means to renew
something and make it more valuable. It is the process of improving and replacing the something
like product, process and service. Innovation is described as the process by which specific

product or process is being renewed by adding some extra features and implementing latest
technologies as well as making it more valuable for use.
Various theories of entrepreneurship, enterprise and innovation that are used by Personal
shopper in order to sustain business in market are discussed below:
Innovation theory: Innovation theory is related to the concept that the entrepreneur is an
innovator who is involved in introducing various new business ideas and combinations. Like in
Personal shopper that is collaborates with many supermarkets and deliver their products to the
costumes (Tumbas, Berente, and Brocke, 2018). There are some factors are included such as
introducing new and innovative products in the market, implement new methods of production
that help the organisation to handle all commercial activities efficiently, third one is to create
new market to grab opportunities, adopt new source of supplying materials. As personal shopper
deliver the products of supermarkets fast.
Needs for achievement theory: Needs for achievement theory is developed by the
David. C. McClelland. In this theory it is defined that economic growth and several other factors
influence the business activities. There are various internal factors are identified by the
entrepreneur such as human values their motivation level that leads them to analyse various
opportunities and implement them in order to take various competitive advantages. Needs of
achieving defined goals and objectives guide the entrepreneur to conduct actions that help
accordingly. Like in the Personal shopper online grocery delivery services are to fulfil the needs
of achieving larger customer base and satisfy customers needs and demands.
Theory of social change: This theory is related to the determine various aspects of
entrepreneurial growth that is basically depends upon various ethical value system of society.
According to this theory,in organisation have to adopt the changes that are required to sustain it
in competitive market environment (Borowiecki,and Makieła, 2019). It is basically related to
maintaining relationship between protestant ethics as well as the spirit of capitalism. Personal
shopper use the concept of social changes and adopt various new features in delivery services
that attract customers.
Investigate opportunities for entrepreneurial activity in the local, national and global economies
for start-up and existing organisations
When an entrepreneur start a new business and create some new innovations in it than
factors related to opportunities and threats should b identifies in order to develop the business